Are you a non-European Union citizen with a dream of making Cyprus your new home? With its stunning landscapes, rich history, and warm Mediterranean climate, it could be the place where you and your family create lasting memories. If you’ve been considering permanent residency in Cyprus as a gateway to this idyllic island nation, you’re in the right place.
Cyprus offers various programs for obtaining a Permanent Residency, each designed to cater to your unique circumstances and aspirations. In this blog, we explore these pathways, helping you navigate the exciting journey towards becoming a permanent resident in Cyprus.
Investment in Permanent Residency
Option 1: Cyprus Permanent Residency under Reg. 6(2) – The Fast Track Route
Non-EU citizens and their families who wish to permanently reside in Cyprus can be granted a Permanent Residence Permit/Immigration Permit (“PR”). PR can be obtained for the whole family of the applicant. The spouse, the children under 18, unmarried financially dependent children under 25, and the parents of both the applicant and the spouse. One of the following requirements is essential for permanent residency in Cyprus:
- An investment of at least €300.000 in Cyprus property or Business. One or two new residential property/ies in Cyprus with purchase price >= €300.000 (excl. VAT).
- Investment in commercial real estate (excluding residential houses and apartments) such as offices/ shops/hotels or similar developments with purchase price >= €300.000. It can either be New or Resale (from the secondary market).
- Acquire shares of a Cyprus Company with activities and staff in Cyprus. The investment must be worth €300.000 at the time of acquisition.
- Investment worth €300.000 in units of a Cyprus Investment Organization of Collective Investments (AIF, AIFLNP, RAIF) must be in the Republic of Cyprus.
The applicant must have a secured annual income of €50.000 such as a salary from abroad, dividends, pensions, etc. Increased by €15.000 for a spouse and by €10.000 for each dependent child.
- Clean Criminal Record from the country of residence.
- PR is valid for life – Living in Cyprus without time limits.
- No residency requirements – Free entry to Cyprus, even in case of closed borders.
- PR holders must visit Cyprus at least once every two years.
- The PR application takes about 4-6 months to be processed.
- Opportunity to get citizenship in 5 years.
Option 2: Cyprus Permanent Residency under Category F – The Normal Procedure
Acquiring immovable property, whether newly built or resale, comes with no investment threshold. Alternatively, renting a property in Cyprus is also a viable option. This opportunity extends to the applicant, their spouse, and children under 18. To qualify, the primary applicant should have a guaranteed annual income of €10,000, which can include earnings from abroad, dividends, or pensions. Additionally, an extra €5,000 is required for a spouse, with a further €5,000 for each dependent child.
Both the primary applicant and spouse are prohibited from engaging in any employment within Cyprus. A clean criminal record from their country of residence is mandatory. The application process for PRF typically takes approximately 24 months.
Option 3: Visitors Permit, Pink Slip and Temporary Residency (“TR”)
Valid for 1 year and renewed every year.
It is issued to Non-EU citizens when:
- Entering Cyprus for short or long-term holidays.
- Check-in/out Cyprus: for the possibility of residing here.
It is eligible for the applicant, the spouse and children under 18 and any dependent adult family member with an immigration permit.
Applicants must have an annual income of at least €24,000 outside the Republic. The amount increased by 20% for the spouse/husband and 15% for each dependent minor child.
To maintain Temporary Residency (TR) in Cyprus, both the primary applicant and their spouse are prohibited from seeking employment within Cyprus. Additionally, applicants must provide a clean criminal record from their country of residence as part of the application process. The TR application typically requires 5-6 months for processing. Once granted, the TR permit is initially valid for one year, requiring the TR holder to reside in Cyprus for a minimum of 9 out of 12 months.